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Mortgage Advisor & Director
It can be difficult to get approved for a mortgage in your 80s, but the good news is that it’s possible - read on to find out what your options are in this age bracket.
Can you get a mortgage in your 80s?
It can be difficult to get a standard residential mortgage or remortgage in this age group as most lenders won’t approve anyone who is over 75 at the start of the application process.
There are lenders who will only be concerned about the age you will be at the end of the mortgage term, but in many cases, the maximum it can be is 75-80 years old.
With this in mind, your mortgage options in your 80s are typically these:
- Flexible lenders: There are lenders with no age cap at all who might consider you, and also lenders who offer short-term mortgages with terms of just a few years.
- Specialist retirement mortgages: These allow homeowners over 55 to borrow against the equity in their property and work similarly to mortgages.
Unsure which of these to choose? Read on to find out more about them or speak to one of our later-life lending specialists to discuss your options.
Options available to this age group
Here we will go into further detail about the flexible mortgages and specialist retirement lending products available to borrowers who are over 80 years of age.
Flexible mortgage lenders
If you need a regular mortgage or remortgage at this stage in life, you will need a lender who is flexible with their age limits and term lengths. There are a relatively small number of lenders with no upper age limit on their mortgages, so one of these might be your best bet.
Your options will increase slightly if you only need a mortgage with a short term length, say around five years. In addition to the lenders with no upper age limit, there are providers who accept applicants who will be 85-90 at the end of the term, so you could potentially get approved for a mortgage spanning less than 10 years with one of them.
Retirement mortgage products
There are specialist types of finance aimed at retirement homeowners. They include:
- Equity release: With an enquiry release scheme, such as a lifetime mortgage, you can unlock some of the capital you have built up in your property as a tax-free loan that doesn’t need to be repaid until you pass away or enter long-term care.
- RIO mortgages: Retirement interest-only mortgages are the main alternative to equity release. They work in much the same way but the borrower pays interest monthly so it doesn’t build up and compound, preserving more of their estate.
You can read more about these retirement mortgage products, including their rates and criteria, in our standalone guides to them through the links above.
Compare mortgage deals for over 80s
You can compare the standard residential mortgage and remortgage deals available to over 80s for free on Teito and choose the one you want in real-time.
If you are looking for equity release or RIO mortgage rates, select the option to ‘speak to an adviser’ below and a member of our team will round up a list of bespoke deals for you.
Compare mortgage deals for over 80s for FREE
How much you could borrow
With equity release, your maximum borrowing increases as you get older, so it may be possible to release up to 60% of the capital in your property. With a retirement interest-only mortgage, you can borrow a maximum of 55-60% of the equity in your home.
If you are applying for a regular residential mortgage or a remortgage, your maximum borrowing won’t be calculated any differently than it would be for a younger borrower. You can use our calculator below to get a rough idea of how much it could be.
Best mortgage lenders for over 80s
The lenders below are viable choices for anyone seeking a mortgage in their 80s, as they have flexible age limits and can offer specialist retirement products too.
|
Lender |
Products Available |
Age Limits on Product |
|
Traditional, RIO and equity release |
No upper age limit |
|
|
Traditional mortgages |
95 years if receiving pension |
|
|
Traditional mortgages and buy-to-let |
No maximum, subject to affordability |
|
|
Traditional and buy-to-let |
No maximum age limit |
|
|
Lifetime mortgages, RIO mortgages |
No maximum age limit |
|
|
Traditional and buy-to-let |
No maximum age limit |
Why choose Teito for your mortgage needs?
Teito is ideally placed to help you get a mortgage in your 80s. Here, you can compare the latest rates and deals for free and get expert advice from a later-life lending specialist too.
Here are just some of the reasons why people choose us for their mortgage needs:
- You can access the latest rates in seconds
- Our advisors specialise in retirement mortgages
- We are 5-star rated on leading review websites
- You can secure an agreement in principle in minutes
Ready to compare the latest mortgage rates and take advantage of a free, no-obligation chat with a later-life lending specialist? Get started here.
FAQs
Yes, but you would be mostly limited to lenders who have no age limits whatsoever as well as specialist retirement products, like equity release and RIO mortgages.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.